The drop is largely due to a delay in home ownership by millennials, who are burdened by student loan debt and are delaying life choices like marriage and parenthood. They have the lowest ownership rate of their age group in history.

"While the millennial home ownership rate continues to decline, it's important to note that the decrease could be just as likely due to new renter household formation as it is their ability to buy homes," wrote Ralph McLaughlin, chief economist at Trulia. "Certainly low inventory and affordability isn't helping their efforts to own, but moving out of their parents' basement and into a rental unit is also a good sign for the housing market."

'I Had To Do It': Dylann Roof's Confession Played at Trial

A taped confession played for jurors at Dylann Roof's trial shows the accused killer of nine people laughing and confessing to the murders. "I did it," he said in the tape played on Dec. 9, 2016. "I had to do it." (Published 20 minutes ago)